Russia has defaulted on its foreign-currency sovereign debt for the first time since 1918 because of Western sanctions imposed over its invasion of Ukraine.
last month ended Russia’s ability to pay back debt to international investors through American banks. The Russian Finance Ministry then said it would pay dollar-denominated debts in rubles and offer "the opportunity for subsequent conversion into the original currency."
Russian President Vladimir Putin in a photo illustration also showing U.S. Secretary of the Treasury Janet Yellen.Prior to Russia's war on Ukraine, it had around $640 billion in foreign currency and gold reserves. Much of this had been held overseas, but has since been frozen. Russia defaulted on its domestic debts in the late 1990s but was able to recover with the assistance of international aid.
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